Wellington Management Group LLP Raises Holdings in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Wellington Management Group LLP increased its stake in Pinnacle Financial Partners by 5.9%, holding approximately 1,592,536 shares valued at $168.87 million.
• Pinnacle Financial Partners reported earnings of $2.00 per share, surpassing analysts' expectations of $1.92, and showed a revenue increase of 15.1% year-over-year, amounting to $504.99 million.
• The firm announced a quarterly dividend of $0.24 per share, translating to an annual yield of 1.0%, with the payout ratio currently at 12.73%.

Wellington Management Group LLP lifted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 5.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,592,536 shares of the financial services provider's stock after purchasing an additional 88,282 shares during the quarter. Wellington Management Group LLP owned 2.06% of Pinnacle Financial Partners worth $168,873,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. North Reef Capital Management LP raised its stake in shares of Pinnacle Financial Partners by 57.1% during the 4th quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider's stock valued at $221,917,000 after purchasing an additional 705,000 shares during the period. Azora Capital LP raised its stake in shares of Pinnacle Financial Partners by 39.2% during the 4th quarter. Azora Capital LP now owns 913,936 shares of the financial services provider's stock valued at $104,545,000 after purchasing an additional 257,347 shares during the period. Principal Financial Group Inc. raised its stake in shares of Pinnacle Financial Partners by 3.9% during the 1st quarter. Principal Financial Group Inc. now owns 881,347 shares of the financial services provider's stock valued at $93,458,000 after purchasing an additional 32,975 shares during the period. Northern Trust Corp raised its stake in shares of Pinnacle Financial Partners by 22.4% during the 4th quarter. Northern Trust Corp now owns 685,795 shares of the financial services provider's stock valued at $78,448,000 after purchasing an additional 125,431 shares during the period. Finally, Artemis Investment Management LLP raised its stake in shares of Pinnacle Financial Partners by 11.7% during the 1st quarter. Artemis Investment Management LLP now owns 538,997 shares of the financial services provider's stock valued at $57,155,000 after purchasing an additional 56,325 shares during the period. 87.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PNFP. Keefe, Bruyette & Woods decreased their price objective on Pinnacle Financial Partners from $125.00 to $95.00 and set a "market perform" rating on the stock in a research note on Wednesday, August 13th. Wall Street Zen upgraded Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Wells Fargo & Company decreased their target price on Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating on the stock in a research note on Friday, July 25th. JPMorgan Chase & Co. upped their target price on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Finally, UBS Group restated a "neutral" rating and issued a $121.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, July 9th. Four equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, Pinnacle Financial Partners currently has a consensus rating of "Hold" and an average price target of $114.80.

Insider Activity at Pinnacle Financial Partners

In related news, CFO Harold R. Carpenter bought 1,000 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was bought at an average cost of $89.73 per share, for a total transaction of $89,730.00. Following the acquisition, the chief financial officer directly owned 105,050 shares of the company's stock, valued at $9,426,136.50. The trade was a 0.96% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas C. Farnsworth III bought 1,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were bought at an average price of $84.94 per share, with a total value of $84,940.00. Following the completion of the acquisition, the director directly owned 28,277 shares in the company, valued at $2,401,848.38. This trade represents a 3.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 12,174 shares of company stock worth $1,047,079 in the last ninety days. 1.46% of the stock is owned by company insiders.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock traded up $1.10 during trading on Tuesday, hitting $97.20. 934,418 shares of the stock traded hands, compared to its average volume of 1,704,179. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34. The stock has a market cap of $7.54 billion, a price-to-earnings ratio of 12.89 and a beta of 1.03. The firm's fifty day moving average is $103.09 and its 200-day moving average is $104.59. Pinnacle Financial Partners, Inc. has a 52 week low of $81.57 and a 52 week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, beating the consensus estimate of $1.92 by $0.08. The firm had revenue of $504.99 million for the quarter, compared to analyst estimates of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.The company's revenue was up 15.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.63 EPS. Research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 1st will be given a dividend of $0.24 per share. The ex-dividend date is Friday, August 1st. This represents a $0.96 annualized dividend and a dividend yield of 1.0%. Pinnacle Financial Partners's dividend payout ratio is 12.73%.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.